PayPal’s Stablecoin PYUSD Expands Across Nine Additional Blockchains
PayPal’s stablecoin, PYUSD, is making significant strides in the digital currency landscape by expanding its availability across nine more blockchains. This development is facilitated by the integration with LayerZero’s cutting-edge interoperability protocol, which enhances the stablecoin’s reach and usability.
PYUSD Now Accessible on Tron, Avalanche, and More
LayerZero recently announced through a detailed blog post that PayPal USD (PYUSD) is undergoing a substantial expansion via its Stargate Hydra system. This advancement allows users to transfer the stablecoin to blockchains where it was previously unavailable. The innovation is supported by PYUSD0, a new, permissionless token that is entirely fungible with the original PYUSD.
Advertisement Banner
Originally, PYUSD was issued by Paxos on networks such as Arbitrum, Solana, Ethereum, and Stellar. The introduction of PYUSD0 facilitates its transfer to other platforms, including Abstract, Aptos, Avalanche, Ink, Sei, Stable, and Tron. LayerZero has indicated that additional networks will be incorporated in the future.
Before this expansion, PYUSD had already bridged to Berachain (BYUSD) and Flow (USDF) networks, both of which will now be upgraded to PYUSD0. In total, this initiative opens access to nine networks for the new token.
Comments from Industry Leaders
David Weber, Head of Ecosystem at PayPal USD, commented, “As the stablecoin market surpasses $270 billion, innovations like these are crucial for developing the seamless, interoperable financial infrastructure that both users and developers seek.”
Launched in 2023, PayPal’s stablecoin marked a groundbreaking step for payment processing giants venturing into fiat-tied tokens. The company has been diligently expanding its coin’s reach, most recently launching the Stellar version.
LayerZero’s integration marks another pivotal step towards PayPal’s strategic goals. “Collaboratively, we are enabling PYUSD to penetrate new markets swiftly while upholding compliance and composability from the outset,” Weber added.
Technical Infrastructure and Future Outlook
The PYUSD0 system is supported by three primary components: PayPal’s stablecoin, Stargate Hydra, and LayerZero. Stargate, recently acquired by LayerZero, serves as the transfer interface, while LayerZero manages the minting, burning, and deployment of PYUSD0 across the new blockchains.
According to Bryan Pellegrino, Co-Founder and CEO of LayerZero Labs, “PYUSD0 extends PayPal USD’s reach and adaptability across current and future networks. Initiatives like this illustrate the onset of a global financial market that transcends borders and operates continuously.”
PayPal’s Cryptocurrency Innovations
Beyond stablecoins, PayPal is actively advancing its cryptocurrency payment ecosystem. In July, the company introduced a “Pay with Crypto” service, enabling merchants to accept digital asset payments. Additionally, PayPal recently announced the integration of cryptocurrencies into its peer-to-peer (P2P) payments system.
Bitcoin Market Analysis
In recent market movements, Bitcoin experienced a pullback, with its price declining from $117,900 to $116,400. This fluctuation has contributed to $133 million in long liquidations within the past 24 hours, as reported by CoinGlass data.
Commitment to Editorial Excellence
Our editorial process at Bitcoinist is committed to providing well-researched, accurate, and unbiased content. We adhere to strict sourcing standards, ensuring each article undergoes rigorous review by our team of top technology experts and seasoned editors. This meticulous process guarantees the integrity, relevance, and value of our content for our readers.
